FAIR VALUE OPTION (Tables)
|
6 Months Ended |
Jun. 30, 2014
|
Summary of Financial Instruments for Which Fair Value Option Has Been Elected |
The following
table summarizes the financial instruments for which the fair value
option has been elected:
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June 30,
2014 |
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|
December 31,
2013 |
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Assets
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|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
42,725 |
|
|
$ |
137,788 |
|
Equity and Preferred
Securities
|
|
|
91,094 |
|
|
|
88,568 |
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
6,230,918 |
|
|
|
8,466,889 |
|
Corporate Bonds
|
|
|
168,426 |
|
|
|
161,382 |
|
Other
|
|
|
26,041 |
|
|
|
41,061 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,559,204 |
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|
$ |
8,895,688 |
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|
|
|
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Liabilities
|
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Liabilities of Consolidated
CLO Vehicles
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|
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Senior Secured
Notes
|
|
$ |
6,407,838 |
|
|
$ |
8,302,572 |
|
Subordinated
Notes
|
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|
474,757 |
|
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|
610,435 |
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|
|
|
|
|
|
|
|
|
|
|
$ |
6,882,595 |
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|
$ |
8,913,007 |
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Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected |
The following
table presents the realized and net change in unrealized gains
(losses) on financial instruments on which the fair value option
was elected:
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Three Months Ended
June 30, |
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|
2014 |
|
|
2013 |
|
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|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(154 |
) |
Equity and Preferred
Securities
|
|
|
(739 |
) |
|
|
796 |
|
|
|
(605 |
) |
|
|
(2,869 |
) |
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
(26,393 |
) |
|
|
33,898 |
|
|
|
3,499 |
|
|
|
(44,274 |
) |
Corporate Bonds
|
|
|
(3,284 |
) |
|
|
3,442 |
|
|
|
771 |
|
|
|
(2,070 |
) |
Other
|
|
|
(1,703 |
) |
|
|
22,673 |
|
|
|
537 |
|
|
|
(497 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(32,119 |
) |
|
$ |
60,809 |
|
|
$ |
4,202 |
|
|
$ |
(49,864 |
) |
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Liabilities
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|
Liabilities of Consolidated
CLO Vehicles
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|
|
|
|
|
|
|
|
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|
|
|
|
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|
Senior Secured
Notes
|
|
$ |
(1,554 |
) |
|
$ |
(39,764 |
) |
|
$ |
— |
|
|
$ |
(64,042 |
) |
Subordinated
Notes
|
|
|
— |
|
|
|
18,659 |
|
|
|
— |
|
|
|
41,267 |
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
$ |
(1,554 |
) |
|
$ |
(21,105 |
) |
|
$ |
— |
|
|
$ |
(22,775 |
) |
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|
Six Months Ended
June 30, |
|
|
|
2014 |
|
|
2013 |
|
|
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
43 |
|
|
$ |
(204 |
) |
Equity and Preferred
Securities
|
|
|
(1,323 |
) |
|
|
5,914 |
|
|
|
(1,398 |
) |
|
|
281 |
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Corporate Loans
|
|
|
(64,635 |
) |
|
|
48,957 |
|
|
|
43,074 |
|
|
|
34,872 |
|
Corporate Bonds
|
|
|
(2,186 |
) |
|
|
3,694 |
|
|
|
3,653 |
|
|
|
(5,858 |
) |
Other
|
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|
13,294 |
|
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|
19,555 |
|
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|
1,426 |
|
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|
1,112 |
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$ |
(54,850 |
) |
|
$ |
78,120 |
|
|
$ |
46,798 |
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$ |
30,203 |
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Liabilities
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Liabilities of Consolidated
CLO Vehicles
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Senior Secured
Notes
|
|
$ |
(4,092 |
) |
|
$ |
(95,638 |
) |
|
$ |
— |
|
|
$ |
(291,953 |
) |
Subordinated
Notes
|
|
|
— |
|
|
|
55,614 |
|
|
|
— |
|
|
|
78,009 |
|
|
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|
|
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|
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|
$ |
(4,092 |
) |
|
$ |
(40,024 |
) |
|
$ |
— |
|
|
$ |
(213,944 |
) |
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|
Information for Financial Instruments on Which Fair Value Option was Elected |
The following
table presents information for those financial instruments for
which the fair value option was elected:
|
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|
|
|
|
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|
|
|
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|
|
|
|
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June 30,
2014 |
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|
For Financial
Assets
Past Due (a) |
|
|
For Financial
Assets
with Non-Accrual Status |
|
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
Loans and
Receivables
|
|
$ |
(1,177 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,703 |
) |
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
(134,252 |
) |
|
|
12,674 |
|
|
|
(32,038 |
) |
|
|
— |
|
|
|
— |
|
Corporate Bonds
|
|
|
2,911 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
— |
|
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|
|
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|
$ |
(132,518 |
) |
|
$ |
12,674 |
|
|
$ |
(32,038 |
) |
|
$ |
— |
|
|
$ |
(1,703 |
) |
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|
December 31,
2013 |
|
|
|
|
|
|
For Financial
Assets
Past Due (a) |
|
|
For Financial
Assets
with Non-Accrual Status |
|
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
Loans and
Receivables
|
|
$ |
(533 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
(281,254 |
) |
|
|
57,837 |
|
|
|
(176,379 |
) |
|
|
— |
|
|
|
— |
|
Corporate Bonds
|
|
|
(1,789 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(283,576 |
) |
|
$ |
57,837 |
|
|
$ |
(176,379 |
) |
|
$ |
— |
|
|
$ |
— |
|
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|
(a) |
Corporate Loans and
Corporate Bonds within CLO assets are classified as past due if
contractual payments are more than one day past due. |
|